Multiple positive factors boost Hong Kong-listed smart driving concept stocks, with RoboSense rising nearly 7%

Boosted by multiple favorable factors related to intelligent driving, some related stocks in the Hong Kong market experienced varying degrees of increase. As of press time, RoboSense (02498.HK) rose 6.61%, SenseTime-W (00020.HK) increased 1.37%, and Innovusion (02431.HK) gained 0.89%.

Note: Performance of Hong Kong-listed intelligent driving concept stocks

Policy Sets the Development Path for Intelligent Driving

On April 28, the MIIT released the key points for automotive standardization work in 2025, strengthening the supply of standards for intelligent connected vehicles. It promoted the approval, release, and implementation of standards for autonomous driving design operating conditions, automatic parking, and autonomous driving simulation testing, accelerated the development of mandatory national standards for autonomous driving system safety requirements, and established a safety baseline for autonomous driving systems. It also expedited the formulation and revision of mandatory national standards for combined driving assistance systems and automatic emergency braking systems, revised the lane-keeping assistance system standards, and promoted the development of standards for reversing assistance, enhancing the safety level of driving assistance products.

The MIIT also pointed out that it would accelerate the promotion and implementation of standards for LTE-V2X direct communication vehicle information interaction systems, advance the formulation of standards for platooning, digital keys, and connected information assistance, and promote the accelerated application of connected functions. It would push for the release and implementation of standards for information security engineering, accelerate the formulation of mandatory national standards for automotive cryptography, complete the review of data security management systems and automotive security vulnerability classification and grading standards, and expedite the development of important data identification standards to enhance cybersecurity and data security capabilities. It would also promote the development of standards for smart cabin function evaluation, interaction safety, and biological retention monitoring, improve the smart cabin and human-machine interaction standard systems, conduct pre-research on automotive AI standards, and lead the integration and application of new technologies.

Penetration Rate of L2 and Above Functions Expected to Exceed 60%

The latest report from Canalys predicts that the penetration rate of L2 and above functions in the Chinese market will reach 62% in 2025, a significant increase from 2024, with high-speed NOA (Navigate on Autopilot) and urban NOA reaching 10.8% and 9.9%, respectively. It is expected that from 2027 to 2028, the growth rate of urban NOA will surpass that of high-speed NOA, rapidly evolving the market structure and reshaping the SoC competitive landscape.

CPCA data supports this trend. According to the automotive intelligent connected insights report for February 2025, the installation rate of L2 and above assisted driving functions in passenger NEVs reached 66.3% in January-February 2025, with further growth in the installation rate of intelligent driving in the market below 160,000 yuan.

RoboSense Leads in Stock Gains

In terms of individual stock performance,RoboSenseled the gains. On April 25, RoboSense CEO Qiu Chunchao was invited to attend the SAIC Volkswagen Brand Day launch event and signed the SAIC Volkswagen Technology X Ecosystem Strategic Cooperation Agreement on stage alongside representatives from Baidu, Alibaba Cloud, and CATL.

Innovusionalso saw a slight increase, rising 0.89% as of press time.

The company previously secured a project with a NEV manufacturer to provide mid-to-high-level intelligent driving domain control products for high-end car models priced around 300,000 yuan, with the project set to be delivered within the year.

Institutions Predict Accelerated Penetration of LiDAR

CITIC Securities pointed out that safety will become a key selling point for driving assistance, and LiDAR is expected to gradually become a "standard product." Since 2023, OEMs have accelerated the deployment of L2-level combined driving assistance functions. Compared to vision-based solutions, LiDAR offers stronger recognition capabilities at night, higher recognition accuracy, and the ability to identify more obstacles, enhancing the robustness and safety of related functions.

Although LiDAR was previously more commonly found in high-end configurations of mid-to-high-priced car models, the bank believes that after this round of standardization, safety will become a major selling point for L2-level intelligent driving, and LiDAR, as a safety net sensor, is expected to accelerate its penetration.